1937 - Moneys of the authority. - New York Statutes

§ 1937. Moneys of the authority. 1. All moneys of the authority shall be paid to the city as agent thereof and the city shall designate depositories which shall not commingle such moneys with any other moneys. The moneys shall be deposited in a separate bank account or accounts. The moneys in such accounts shall be paid out on checks of the authority signed by the treasurer of the city or such other person or persons as shall be mutually agreed to by the authority and the city, upon the requisition of the chairman of the authority. 2. At the end of every fiscal year, the authority shall pay all excess funds to the city for its use. The term excess funds shall mean authority monies not required for the authority's budget in the next fiscal year. In addition, the authority, with the consent of a majority of the common council in office, can retain funds in a special capital account as a reserve fund for possible future capital projects such as major repairs, reconstruction or renovation of the civic center, additional equipment or replacement of existing fixtures and equipment. The size of the capital account shall be mutually agreed to by the authority and the city, and no funds shall be expended from the said capital account without the consent of a majority of the common council in office. 3. The auditor for the city or other legally authorized representatives of the city are authorized and empowered from time to time to examine the accounts and books of the authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing. 4. The authority shall be required to submit the following reports to the mayor, city treasurer and members of the common council on forms approved by the city: (a) Quarterly financial statements setting forth all income and expenses for the preceding quarter. Said quarterly reports shall be submitted within fifteen days after the end of the three month period. (b) Complete financial reports of the authority's activities for the preceding year shall be submitted within sixty days after the close of each fiscal year. (c) The authority shall have a complete financial audit prepared by a qualified, certified public accountant after the close of each fiscal year, and a copy shall be completed and distributed within ninety days after the close of each fiscal year. 5. The authority's fiscal year shall coincide with the fiscal year of the city.